Westin Beechwood Open After Foreclosure

FT.WORTH, TX-After opening the 286-room luxury Westin Beechwood hotel in early October with great fanfare and high hopes, the owner of the property has succumbed to foreclosure. Lender CoServ Realty Holdings, a CoServ Electric subsidiary, has taken over possession from Beechwood Co. and is now the owner of the $53.5-million hotel and the Creeks at Beechwood golf course.

CoServ officially purchased the hotel and golf course in a Denton County auction. The properties are billed as the centerpieces of the developing 902-acre Beechwood Business Park.

Both the hotel and the golf course — located at State Highway 114 and Interstate 35W, just across from the Texas Motor Speedway — are still open and remain under the management of White Plains, NY-based Starwood Hotels and Resorts Worldwide, Inc. The changeover occurs following failed negotiations over restructuring the multi-million dollar package of loans on the properties.